Natural gas giant PGNiG signed a 2017-2019 natural gas supply contract with steel producer ArcelorMittal Poland with an option of extension by another three years that would put the value of the deal to ca. PLN 1.4 billion, PGNiG said on its website.

The contract runs from January 1, 2017 to January 1, 2020 and can be extended to January 1, 2023, PGNiG said.

"The volume of supplies over this entire period could total ca. 1.6 bcm, and the value of the deal could reach ca. PLN 1.4 billion," the statement reads.

The contract is based on "market terms at prices tied to stock exchange indexes," PGNiG also said.